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C&H Ski Club recently borrowed money and agreed to pay it back with a series of six annual payments of $24,000 each. C&H subsequently borrows
C&H Ski Club recently borrowed money and agreed to pay it back with a series of six annual payments of $24,000 each. C&H subsequently borrows more money and agrees to pay it back with a series of four annual payments of $21,000 each. The annual interest rate for both loans is 6%. Find the present value of these two separate annuities. (PV of $1, FV of $1, PVA of $1, and FVA of $1) (Use appropriate factor(s) from the tables provided. Round your answers to nearest whole dollar. Round "Table Factor" to 4 decimal places.) Number of Periods First Annuity Single Future Payment $ 24,000 x x Interest Rate 6% Table Factor Amount Borrowed First payment 1 = 2 6% 24,000 x 3 6% 24,000 - 0 Second payment Third payment Fourth payment Fifth payment Sixth payment 4 6% X 0 5 6% 24,000 24,000 x 24,000 x 0 6 6% = 0 $ 0 Number of Periods Second Annuity Interest Single Future Rate Payment 6% $ 21,000 x Table Factor Amount Borrowed First payment 1 X 2 6% 21,000 X = Second payment Third payment x x x x 3 6% = 0 21,000 21,000 x Fourth payment 4 6% = 0 $ 0
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